Bank of America Corp DE Buys 278,305 Shares of Sweetgreen, Inc. (NYSE:SG)

Bank of America Corp DE raised its stake in shares of Sweetgreen, Inc. (NYSE:SG) by 46.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 883,157 shares of the company’s stock after acquiring an additional 278,305 shares during the period. Bank of America Corp DE owned approximately 0.76% of Sweetgreen worth $28,314,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Summit Investment Advisors Inc. grew its position in shares of Sweetgreen by 4.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 10,479 shares of the company’s stock valued at $336,000 after acquiring an additional 473 shares during the period. Cypress Wealth Services LLC lifted its holdings in Sweetgreen by 6.1% during the fourth quarter. Cypress Wealth Services LLC now owns 8,423 shares of the company’s stock valued at $270,000 after purchasing an additional 483 shares in the last quarter. Tower Research Capital LLC TRC lifted its holdings in Sweetgreen by 45.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock valued at $50,000 after purchasing an additional 494 shares in the last quarter. Hillsdale Investment Management Inc. lifted its holdings in Sweetgreen by 1.2% during the fourth quarter. Hillsdale Investment Management Inc. now owns 50,164 shares of the company’s stock valued at $1,608,000 after purchasing an additional 600 shares in the last quarter. Finally, Oberweis Asset Management Inc. lifted its holdings in Sweetgreen by 0.6% during the fourth quarter. Oberweis Asset Management Inc. now owns 96,201 shares of the company’s stock valued at $3,084,000 after purchasing an additional 610 shares in the last quarter. Institutional investors own 95.75% of the company’s stock.

Insiders Place Their Bets

In other Sweetgreen news, CFO Mitch Reback sold 4,000 shares of the business’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $21.07, for a total value of $84,280.00. Following the completion of the transaction, the chief financial officer now directly owns 344,509 shares in the company, valued at approximately $7,258,804.63. The trade was a 1.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Rossann Williams sold 4,977 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $23.80, for a total transaction of $118,452.60. Following the transaction, the chief operating officer now owns 95,516 shares in the company, valued at approximately $2,273,280.80. This trade represents a 4.95% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,852 shares of company stock worth $871,417. 21.52% of the stock is owned by corporate insiders.

Sweetgreen Price Performance

NYSE:SG opened at $15.00 on Friday. Sweetgreen, Inc. has a 1-year low of $14.61 and a 1-year high of $45.12. The company has a 50-day moving average of $20.89 and a 200 day moving average of $28.67. The firm has a market cap of $1.76 billion, a PE ratio of -19.23 and a beta of 2.31.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, hitting analysts’ consensus estimates of ($0.21). The business had revenue of $166.30 million during the quarter, compared to the consensus estimate of $164.68 million. Sweetgreen had a negative net margin of 13.27% and a negative return on equity of 18.82%. The firm’s revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the company posted ($0.23) earnings per share. Sell-side analysts anticipate that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

Analyst Ratings Changes

SG has been the topic of several recent analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Sweetgreen from $25.00 to $20.00 and set a “neutral” rating on the stock in a research report on Monday, May 12th. Citigroup reduced their price objective on shares of Sweetgreen from $43.00 to $39.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. UBS Group reduced their price objective on shares of Sweetgreen from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. The Goldman Sachs Group reduced their price target on shares of Sweetgreen from $27.00 to $23.00 and set a “neutral” rating on the stock in a research report on Friday, May 9th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $45.00 price target on shares of Sweetgreen in a research report on Tuesday, February 25th. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Sweetgreen has an average rating of “Moderate Buy” and a consensus target price of $31.00.

Sweetgreen Company Profile

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.